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Buyers emerge for sale of CVC’s Matahari department stores

25 Jan 2013

clothes clothing shop retailJapan’s Aeon and a unit of Thailand’s Central Group have both emerged as potential buyers for CVC Capital Partners’ Indonesian department store chain Matahari, according to reports.

Both businesses have denied interest in buying the company, which could reach as much as $3.5bn, according to Reuters. However, it cited sources with direct knowledge of the matter that both companies had hired investment banks to advise on a possible offer.

Singaporean sovereign wealth investor Temasek has previously been reported as a potential bidder for the business, while CVC is also considering a $1.5bn public offering.

The exit of the country’s largest department store chain would be the Indonesia’s biggest deal for five years.

In October it emerged CVC had hired Morgan Stanley, UBS and CIMB to sell part of its 98 per cent stake in Matahari.

The London-based buyout firm was believed to be aiming to more than double its money by selling part of the stake, which it picked up for between $800m and $900m in 2010.

The firm’s original purchase alongside Matahari Putra Prima was the largest-ever foreign private equity-led investment in the country at the time.

CVC is believed to be in talks with investors about its next buyout fund, which could target as much as €11bn ($14.25bn).

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